Asked by La Vida de una Guerrera on Apr 26, 2024
Verified
Reports prepared in financial accounting are general-purpose reports whereas reports prepared in managerial accounting are usually special-purpose reports.
Financial Accounting
The field of accounting focused on the summary, analysis, and reporting of financial transactions pertaining to a business to external entities.
Managerial Accounting
The process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.
General-Purpose Reports
General-purpose reports are financial statements designed to meet the broad information needs of external users, such as shareholders and creditors, rather than tailored for specific managerial requirements.
- Contrast managerial and financial accounting in regard to their goals, how often reports are generated, and the detail level of these reports.
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Learning Objectives
- Contrast managerial and financial accounting in regard to their goals, how often reports are generated, and the detail level of these reports.
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